Something bizarre is happening off the coast of Galveston, Texas. Were you to look toward the sea in the Texas port town, you’d be subject to a oceanic traffic jam of epic proportions. Ships carrying oil have gathered along the coast in the Gulf of Mexico in such great quantities that ships approaching the port have been asked to move toward the town slowly in an attempt to ease the burden.
This phenomenon is directly tied to the huge amounts of oil stored internationally and in floating container ships across the world. As oil prices fall, stockpiles of the resource are going through the roof, and governments and companies don’t have anywhere else to store it.
This could cause the price of oil to fall catastrophically further, as supply far exceeds demand for the time being.
To see the full report on this strange occurrence, continue reading on the next page:
I think this has a lot to do with the futures market. Currently the price of oil is higher in the future, on the futures market, than it is right now (contango). So people can buy oil now and at the spot price and the same day lock in a higher price to sell it in 6 months. So oil is being bought, contracted to be sold at a future date and stored anywhere it makes economic sense.
You make be right, time will tell.
Old incorrect news .. get up to date ..
Looks like the horizon is flat and not curved.
The refinery problem is OBAMA”S fault. Keep that in mind as well. He hates oil companies and the means to store it suffer also.
They look empty.
thats why we need to quit importing oil
Not only that .. the refineries are at max and can’t take it …
Look for free glasses again.
Seems like the perfect time to become energy independent .